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Paramount Global's TV segment remained its primary revenue driver in 2024, with the company generating nearly ** billion U.S. dollars with broadcast operations, cable networks, and TV studio operations. However, while the revenue of the TV media division declined from the previous year, the direct-to-consumer business experienced significant growth during the same period, underscoring the increasing importance of streaming services in the media giant's portfolio.

Streaming subscriptions' success

The rise of Paramount's direct-to-consumer segment is exemplified by the remarkable growth of the subscription-based platform Paramount+. The video streaming service's customer base tripled between mid-2021 and the fourth quarter of 2024. Furthermore, within the company's streaming business, subscriptions by far accounted for the largest share of the DTC revenue in 2024.

Traditional media face headwinds

Despite its dominance, Paramount's TV media faced challenges in 2024, with a percent revenue decline. Advertising revenue remained nearly flat at around *** billion dollars, while affiliate and subscription revenue declined by **** percent to **** billion dollars. The filmed entertainment segment also struggled, with licensing and other operations revenue falling to *** billion U.S. dollars in 2024, as the consumer behavior is shifting and the competitive entertainment landscape is evolving.